Forum Q2 2021 - Combined - EN

CONTENTS
01. OFFICE MARKET
02. RETAIL MARKET
03. INDUSTRIAL MARKET
04. RESIDENTIAL MARKET
05. Q&A
CBRE FORUM 2021 | VIETNAM CBRE RESEARCH | © 2021 CBRE, INC.

OFFICE
MARKET

A TALE OF TWO CITIES
HANOI VS HO CHI MINH CITY
Source: CBRE Vietnam Research

Selected photos retrieved from Bao Thanh Nien, Kenh 14, Vietnamnet, VnExpress July 2nd to July 5th 2021
CBRE FORUM 2021 | VIETNAM 4 CBRE RESEARCH | © 2021 CBRE, INC.

FOURTH COVID-19 WAVE IS HITTING HCMC (AS OF 7 JULY 2021)
Hanoi and HCMC Google mobility index
COVID-19 first COVID-19

40%
wave Hanoi HCMC fourth wave
20%
0%
-20%
-40%
HCMC daily cases
Hanoi daily cases
Source: Google’s mobility index extracted from Google’s COVID 19 Community Mobility Reports. The reference day would shift one day behind if it is a national holiday. The baseline for prior outbreak is
the median value for the corresponding day of the week during the 5 week period Jan 3 Feb 6, 2020.
Source: Google, CBRE Research, 03 July 2021.

MORE EMPLOYEES ARE RETURNING TO THE OFFICE IN APAC, SEA STALLED
Office utilization rate, APAC
APAC
Greater China
Australia/ New Zealand
North Asia
South East Asia
India
0% 20% 40% 60% 80% 100%

No one working in the office <25% 25% - 50% 51% - 75% >75%
Source: CBRE Asia Pacific, Occupier Survey, June 2021

OFFICE USE REMAINS ROBUST, BUT THE ROLE IS CHANGING
Office workplace vs Remote working compared
Innovation
Individual productivity
Employee engagement
Team productivity
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Remote work is better Same Workplace is better

IMPROVING BUSINESS OUTLOOK ACROSS APAC
Expectation on the state of business environment, APAC Company’s current business conditions, APAC
100%
Expanding 27%
80%
Sustained recovery 25%
60%
Early stages of recovery 18%

40%
Stabilising 19%
20%
0% Still contractin g 10%

Apr 20 Oct 20 May 21
0% 5% 10% 15% 20% 25% 30%
Better About the same Worse

CONTRACTION SIGNIFICANTLY LOWER COMPARED TO 2020
Transactions by purpose, Major Transactions Collected and Closed by CBRE, H1 2021
100%
80%
60%
40%
20%
0%
HCMC Hanoi HCMC Hanoi HCMC Hanoi
2019 2020 H1 2021
6M
New Letting Expansion Relocation Renewal Consolidation Contraction
Source: CBRE Vietnam Research, Q2 2021.

BOTH OCCUPIERS AND LANDLORDS ARE
MORE ADAPTIVE TO CURRENT SITUATION
2020 H1 2021
Contract, surrender unused space Contract, surrender unused

to save cost space to save cost ?
17% of transactions in Hanoi and 0% of transactions in Hanoi and
Occupiers 27% of transactions in HCMC 3% of transactions in HCMC
Work from home Work from home
March & April 2020 Since May in HCMC
Provide incentives Provide incentives ?

(rent free period, rent reduction) (rent free period, rent reduction)
10% - 50% depending on industry Few or no short-term incentives
Landlords *except buildings under lockdown
$ Reduce asking rents

1% - 5% on average $ Reduce asking rents ?
Reduced or flat escalations at renewal

MARKET SNAPSHOT
GRADE A OFFICE MARKET H1 2021
HCMC HANOI
TOTAL
SUPPLY
475,000 528,000
0 NLA (sqm) sqm NLA sqm NLA
18 projects 21 projects
New projects
ASKING
in H1 2021 RENT*
US$41.6 6.4% y-o-y US$26.9 3.0% y-o-y
US$/sqm/month
90,000 sqm
in Hanoi
in H2 2021 VACANCY
RATE 12.2% 0.4 ppt y-o-y 18.9% 11.3 ppt y-o-y
(%)
Source: CBRE Vietnam Research, Q2 2021. Note: Asking rent is quoted on NLA, excluding VAT & Service charges.

MARKET SNAPSHOT
GRADE B OFFICE MARKET H1 2021
HCMC HANOI
TOTAL
1
SUPPLY
NLA (sqm)
958,000 sqm NLA 997,000 sqm NLA
69 projects 72 projects
New project
in H1 2021 in HCMC ASKING
RENT*
US$25.1 3.0% y-o-y US$13.9 1.5% y-o-y
90,000 sqm US$/sqm/month
in Hanoi and
24,000 sqm
VACANCY
in HCMC RATE
in H2 2021 9.1% 4.3 ppt y-o-y 11.6% 0.6 ppt y-o-y
(%)
Source: CBRE Vietnam Research, Q2 2021. Note: Asking rent is quoted on NLA, excluding VAT & Service charges.

THE WORST IS OVER?
HCMC & Hanoi Office market, Net absorption

50,000
40,000
30,000
20,000
Sqm
10,000
-10,000
-20,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021
HCMC Hanoi

VACANCY RATES DROPPED, BUT WILL TAKE TIME TO REACH PRE-COVID LEVEL
HCMC Office, Market Performance by Grade Hanoi Office, Market Performance by Grade
50 25% 50 25%
Asking rents (US$/sqm/month)
Asking rents (US$/sqm/month)

40 20% 40 20%
Vacancy rate
Vacancy rate
30 15% 30 15%
20 10% 20 10%
10 5% 10 5%
- 0% 0 0%
2018 2019 2020 H1 2021
Q2 2021 2018 2019 2020 H1 2021
Q2 2021
Grade A - Rent Grade B - Rent Grade A - Rent Grade B - Rent

Grade A - Vacancy rate Grade B - Vacancy rate Grade A - Vacancy rate Grade B - Vacancy rate

Note: Asking rent is quoted on NLA, excluding VAT & Service charges.

HIGH DEMAND FROM TMT AND BANKING/FINANCE SECTORS
Transactions by Industry, Major Transactions Collected Expectation on change of real estate portfolio over the
and Closed by CBRE, H1 2021 next 3 years, APAC
All sectors
TMT
TMT
Banking/Finance/Insurance
Finance
Manufacturing
Professional services
Logistics
Retail/Trading Life Science
0% 10% 20% 30% 40% 0% 20% 40% 60% 80% 100%
HCMC Hanoi Unsure Decrease No change Increase

HYBRID WORK MODEL WILL BE THE NEW NORM
Anticipated of remote working’s frequency in steady state situation, APAC
40%
30%
20%
10%
0%
Work in office 1-2 1day/week or Up to 3 4-5 days/week Work remotely
all the time days/month less days/week all the time
Q3 2020 Q2 2021

MORE OPEN TOWARD
DESK SHARING RATIO
APAC based companies
Industries that are
quick to adapt
Life Sciences
Finance
Technologies
Business Services

DEVELOPERS ARE FOCUSING ON
GREEN CREDENTIALS
HANOI HCMC
Less water consumed
Techno Park Tower Mapletree Business

Capital Place (In progress)
President Place Etown Central Center Less energy consumed
CO2
Lower emissions
Lancaster Luminaire 36 Cat Linh

(in progress) (in progress) Deutsches Haus Friendship Tower Phu My Hung Tower
Less waste

SUPPLY GROWTH TO ACCELERATE FROM H2 2021 IN HANOI
2021 2022 onward
Hanoi Office, notable future projects ~180,000 sqm 150,000+ sqm
1 2 6 7
5
Techno Park Tower (A) HUD Tower (B) Lancaster Luminaire (A) 36 Cat Linh (B)
Gia Lam, Thanh Xuan Dong Da Ba Dinh
9 NLA: ~90,000 sqm NLA: 48,000 sqm NLA: 20,600 sqm NLA: 16,000 sqm
3 4 8 9
Midtown Vinacomin Tower (B) BRG Tower (B) Epic Tower (B) Lotte Mall Hanoi (A)
Cau Giay Hoan Kiem Cau Giay Tay Ho
West 8 7 4
6 NLA: 38,000 sqm NLA: 5,000 sqm NLA: 25,000 sqm NLA: 45,000 sqm
3 CBD 5 10
2
10
1 Intracom Riverside (B) The Valley Smart Building (B)

Dong Anh Nam Tu Liem
NLA: 22,000 sqm NLA: 39,500 sqm
(*) Buildings are partially owner occupied. Listed NLA is area available to rent.
Source: CBRE Vietnam Research, Google Images, Q2 2021

WHILE ONLY MODERATE SUPPLY GROWTH EXPECTED IN HCMC
HCMC Office, notable future projects
2021 2022 onwards
1 45,418 sqm ~150,000+ sqm
6 1 2 5 6
4
2 8
7
AP Tower (B) Pearl 5 Tower (B) Cobi Tower (B) E-town 6 (A)
Binh Thanh District 3 District 7 Tan Binh
NLA: ~10,000 sqm NLA: 10,944 sqm NLA: 27,127 sqm GFA: 40,000 sqm
3 4 7 8
The Graces (B) Saigon First House (B) One Central (A) Prime A
35 District 7 District 3 District 1 District 2
NLA: 8,295 sqm NLA: 15,348 sqm NLA: 36,000 sqm NLA: 52,000 sqm
Source: CBRE Vietnam Research, REIC Images, Google Images, Q2 2021

MARKET OUTLOOK MUCH DEPENDS ON THE ROLL-OUT OF VACCINES AND SUPPLY PIPELINE
HCMC Office, Performance Outlook Hanoi Office, Performance Outlook

Forecast Forecast
50 30% 50 30%
Asking rent (US$/sqm/month)

Asking rent (US$/sqm/month)
40 24% 40 24%
Vacancy Rate
Vacancy rate
30 18% 30 18%
20 12% 20 12%
10 6% 10 6%
- 0% - 0%
2018 2019 2020 2021F 2022F 2018 2019 2020 2021F 2022F

Note: Asking rent is quoted on NLA, excluding VAT & Service charges.

FORECAST TRENDS
Economic outlook to Vaccine visa and Both occupiers and Green and wellness
remain positive increasing vaccine landlords are applying credentials are in the
despite COVID-19 rate will lessen the strategies to be more spotlight as occupiers’
impact of COVID-19 resilient adoption of Environment,
Social & Governance
(ESG) increase

RETAIL
MARKET
CBRE FORUM 2020

2021 | VIETNAM CBRE RESEARCH | © 2020
2021 CBRE, INC.
THE PANDEMIC HAS CHANGED
THE NATURE OF SALES Retail and Services
Turnover H1 2021
F R O M TO 4.9% y-o-y (vs. 11.8% in 2019)
• Show more supports

• Retain existing Retail Business to be Closed
Wait and See
Landlords mode
tenants 26% y-o-y
• Stabilize occupancy
rate
Vacant Spaces, NLA Sqm
43% vs. Q1 2020 for HCMC
72% vs. Q1 2020 for Hanoi
• Negotiations • Streamline
Operation
• Cost cutting
Retailers • Expansion strategy
• Generate Rent Support
Cash • Vaccination
Pre-lockdown: 20%-50%
depends on categories, malls

Mobility Index, Retail & Recreations
0
UNEXPECTED NEW -10
WAVE WORRIED -20

-30
CONSUMERS -40
-50
-60
-36% Vietnam -70
(vs. -16% in Q4 2020) HCMC: worse
-80
than first wave
-90
GROCERY &
-8%
Au 0
Ja 0
20
Fe 1
21
0
O 0
M 1
De 0
M 0
M 1
Ap 0
Ap 1
Ju 0
Ju 1
N 0
Se 0
VS
2
-2
2
-2
2
2
-2
-2
-2
-2
l-2
2
2
c-
PHARMACY
n-
n-
n-
p-
b-
r-
r-
ct-
g-
b
ov
ar
ay
ar
ay
Ju
Fe
M
HCMC Hanoi
WORKPLACE -14% VS
Note: Google’s mobility index extracted from Google’s COVID-19 Community Mobility Reports, as of monthly average
between 1 Mar 2020 and 15 May 2021. The baseline for prior outbreak is the median value for the corresponding day
of the week during the 5-week period Jan 3-Feb 6, 2020. Mobility trends for places like restaurants, cafes, shopping
PUBLIC -28% VS centers theme parks, museums, libraries, and movie theaters.
Source: Google, Data as of 20 May 2021

VIETNAM CONSUMER CONFIDENCE INDEX HAS NOT IMPROVED SINCE THE FIRST WAVE
Monthly Retail sales growth, y-o-y Consumer Confidence Index

60% 150
40% 120
Retail Sales (y-o-y)
20% 90
0% 60
-20% 30
-40%
0
Vietnam South Korea Singapore Japan China
N 0
M 1
0
D 0
20
20
M 1
21
Au 0
21
20
1
2
2
l -2
-2
-2
r-2
-2
-2
n-
g-
ct-
n-
p-
b-
n-
ar
ay
ec
ov
Ju
Ap
Se
Fe
Ju
Ju
Ja
O
2019 First Wave 2020 Q1 2021

Vietnam South Korea Singapore
Japan China
Source: GSO of Asian countries, June 2021 Source: Tradingeconomics, June 2021

VIETNAM RETAIL SNAPSHOT H1 2021
HCMC Hanoi
SUPPLY 1,068,128 sqm NLA SUPPLY 1,004,481 sqm NLA

NLA (sqm) New Supply: 1 in Non-CBD NLA (sqm) New Supply: 0
CBD Non-CBD CBD Non-CBD

ASKING Snapshot ASKING
RENT (*)
US$ 137 US$ 34 RENT (*)
US$ 102 US$ 29
US$/sqm/month 1.2% y-o-y -5.2% y-o-y H1 2021 US$/sqm/month -1.7% y-o-y -3.8% y-o-y
CBD Non-CBD CBD Non-CBD

VACANCY 1.9% 14.6% VACANCY 10.8% 14.6%
RATE (%) RATE (%) 10.1 ppt y-o-y 4.8 ppt y-o-y
0.0 ppt y-o-y -1.6 ppt y-o-y
Note: Asking Rent is average of Ground Floor and First floor, excluding of Service Charge and 10% VAT.
Source: CBRE Research, Q2 2021
UNCERTAIN PANDEMIC CONTROL MEASURES POSTPONED MARKET RECOVERY
COVID – 19
COVID – 19 (Wave 4)
COVID – 19 (Wave 3)
Vacancy Rate 2019 – Q2 2021 COVID – 19 (Wave 2)
18%
16%
14% Some tenants
12% support policies
Vacancy Rate
in HCMC:
10%
• 10-50% rent
8% support in
6% May
4% • Free rent in
June
2%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
HCMC-Vacancy Rate Hanoi - Vacancy Rate
Source: CBRE Vietnam Research, Q2 2021

ROBUST M&A AND FRANCHISE ACTIVITIES IN VIETNAM
“SK Group invests 410 million

USD for a 16.26% stake in “Masan partners Phuc Long to
VinCommerce” develop Phuc Long Kiosks at
Source: Tuoi Tre, Thanh Nien, April 2021 WinMart+ stores nationwide”
Masan acquired 20% of Phuc
Long and aim to open 1,000
“Alibaba, Baring Private Equity kiosks in 24 months.
Asia consortium complete $400mm
investment in The CrownX” Source: VIR, May 2021
Source: VietnamNews, June 2021
Nova F&B franchises:
JUMBO Seafood (Singapore),

Crystal Jade Palace (Singapore),
Gloria Jean's Coffees (Australia),
Mango Tree (Thailand), Lotteria
(Korea)…..
Source: Vnexpress, May 2021

RETAIL NEW ENTRANTS TO VIETNAM EXPECTED TO BE LOW THIS YEAR
2019 new entrants 2020 new entrants 2021: expansion & potential
F&B
Fashion & Accessories
Others

SOME EXPANSION PLANS NEED MORE THAN ONE TYPE OF FORMAT
RESIDENTIAL
SHOPPING CENTRE PODIUM/SHOPHOUSE
Challenges Challenges
• Slow footfall recovery despite restriction uplift • Fewer options for different categories
• Lack of tourist activity • Quality of the retail property
Opportunities
• Good locations for entrants/expansions Opportunities
• Professionalism and providing various options • Near resident areas for delivery during work from home
• Occupancy rate can recover quickly • Good for grocery-anchored or mixed stores
• Less strict lease terms, termination terms, etc.

IN-STORE SALES DECLINED IN MOST CATEGORIES
Vietnam in-store sales growth, y-o-y Vietnam E-commerce sales growth, y-o-y
Growth Projection of
30% 100% Online Sales by 2025
(times growth vs 2020)
20% 80%
3.11
10% 60% 2.40
2.06 2.20 2.15
1.8
0% 40%
-10% 20%
-20% 0%
Home Care
E-c ommerce
Apparel & Footware
Food & Beverage
Electronics
Health & Beauty
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Apparel & Footwear Electronics
Health & Beauty Home & Garden Care
Source: Euromonitor, retrieved as of June 2021

SECTOR PERFORMANCE VARIES IN 2021

STRONG PIPELINE IN HANOI AS MARKET ANTICIPATES A COMEBACK
ONCE THE PANDEMIC IS BROUGHT UNDER CONTROL
Hanoi: Over 300,000 sqm in the pipeline

Hanoi Retail, Market Performance Outlook
2021 2022 – 2024
Forecast
120 16%
14%
100
Asking Rents (USD/sqm/m)

12%
Vacancy Rate (%)

FLC Twin Towers The Zei Park City 80
Lotte Mall Hanoi 10%
NLA:14,000 sqm NLA : 9,000 sqm NLA : 12,000 sqm
NLA : 72,000 sqm
60 8%
6%
40
4%
20
Vincom Mega Hinode City Toshin – Starlake Aeon Mall Hoang Mai 2%
Mall Smart City NLA : 10,000 sqm NLA: 17,000 sqm NLA : 84,000 sqm
NLA : 49,000 sqm 0 0%
2020 2021Q2 2021F 2022F 2023F
Rental Rate - CBD Rental Rate - Non CBD

Vacancy Rate - CBD Vacancy Rate - Non CBD
Upcoming Vincom
Project @ NTH Str. Mega Malls
NLA : 55,000 sqm
CBRE FORUM 2021 | VIETNAM Source: CBRE Research, Data as of June 2021.34
For Hanoi and HCMC, data is updated till Jul 2021. CBRE RESEARCH | © 2021 CBRE, INC.
HCMC: MUCH EXPECTATION FOR THE OPENINGS OF
MAJOR PROJECTS IN THE CBD
HCMC’S NEW SUPPLY 2022-2023

Over 200,000 sqm in the pipeline
Ho Chi Minh Retail, Market Performance Outlook
Forecast
160 16%
Rental Rate (USD/sqm/month)

140 14%
120 12%
Vacancy Rate
100 10%
Socar Mall Central Premium Mall Vincom Grand Park 80 8%
35,000 sqm 24,000 sqm 48,000 sqm
District 2 District 8 District 9 60 6%
40 4%
20 2%
- 0%
2020 2021 2021 2022 2023
Q2
Rental Rate - CBD Rental Rate - Non-CBD
Saigon One
Vacancy Rate - CBD Vacancy Rate - Non-CBD
One Central Sun Tower
33,700 sqm 12,000 sqm 20,000 sqm
Note: Asking Rent is average of Ground Floor and First floor, excluding of Service Charge and 10% VAT.
District 1 District 1 District 1 Source: CBRE Research, Q2 2021

FACTORS THAT BOOST OUR CONFIDENCE
Physical Omni-Chanel/Online For landlords: Vaccination 70- Pandemic

stores: enhancement is Consideration to adopt 75% population control
Consolidation is Crucial various schemes such as in 2021 measures from
inevitable, but Customer engagement: TOS, CAPEX support, Hanoi and HCMC the Government
store upgrades Time to create new Franchise, Partnership can be the first to
will continue initiatives Local tenants is a focus recover

INDUSTRIAL
MARKET
CBRE FORUM 2020

2021 CBRE, INC.
INDUSTRIAL LAND
MARKET SNAPSHOT 6M 2021
14,000
NORTH 12,000
10,000 ≈17,900 ha
8,000 Leasable Industrial Land
Ha
6,000
4,000
2,000
0
≈69.0%
Average Occupancy Rate
Hai Bac Hanoi Hung Hai Others
Phong Ninh Yen Duong (*)
14,000
12,000
10,000
8,000
Ha
6,000
4,000
≈30,000 ha
2,000 Leasable Industrial Land
SOUTH 0
Binh Dong BR-VT HCMC Long Others
Duong Nai An (*) ≈75%
Total land area Land for lease Average Occupancy Rate
Source: CBRE Vietnam Research & Consulting, Q2 2021.

(*) Other provinces in Northern Vietnam include Thai Nguyen, Vinh Phuc, Quang Ninh, Ha Nam, Nam Dinh, Ninh Binh, Bac Giang
Other provinces in Southern Vietnam include Tay Ninh, Binh Thuan, Binh Phuoc

READY-BUILT FACTORY & WAREHOUSE
MARKET SNAPSHOT Q2 2021
WH SUPPLY Q2 2021 SUPPLY

46%
≈1.1
NORTH
mil sqm GROWTH 10%

New supply
Q2 2021
WH: 4.4% y-o-y

RBF SUPPLY Q2 2021 CAGR increases
≈2.3 mil sqm RBF : 1.9% y-o-y 2021-2023E
significantly in
WH SUPPLY Q2 2021
major industrial
SUPPLY
22% regions
SOUTH
≈3.5 mil sqm GROWTH Q2 2021
WH: 10% y-o-y 14%

RBF SUPPLY Q2 2021
≈3.2 mil sqm RBF : 8% y-o-y CAGR

2021-2023E
Note: Northern RBF supply is calculated for Bac Ninh, Hai Duong, Hai Phong, Thai Nguyen, Vinh Phuc, Hung Yen, Bac Giang.
Northern WH supply is calculated for Bac Ninh, Hanoi, Hai Duong, Hai Phong, Hung Yen.
Southern RBF and WH supply is calculated for HCMC, Binh Duong, Dong Nai, Long An.

M O D E R AT E R E N TA L E S C A L AT I O N F O R I N D U S T R I A L L A N D W H I L E R E N T S
R E M A I N E D S TA B L E F O R F A C T O R Y A N D W A R E H O U S E
Industrial land asking rents, Q2 2021 Warehouse/Ready-built factory asking rents, Q2 2021
Up 5% - 10% y-o-y in good location industrial Ready-built Factory Warehouse
parks in Binh Duong, Dong Nai, Long An Stable asking rent Stable asking rent
US$/sqm/remaining leasing term
350 12
300
10
US$/sqm/month
250
8
200
6
150
100 4
50 2
0 0
HCMC
Bac Giang
Long An
Binh Duon g
Dong Nai
Quang Nam
Danang
Quang Ngai
Nghe An
Hai Duong
Hung Yen
Hai Phong
Thai Nguyen
Bac Ninh
Ha Noi
Ha Nam
BR-VT
Tay Ninh
Quang Nam
Dong Nai
Bac Giang
Long An
HCMC
Tay Ninh
Da Nang
Hung Yen
Thai Nguyen
Binh Duong
Hai Phong
Hanoi
Quang Ngai
Hai Duong
BR-VT
Bac Ninh
Minimum rent Maximum rent Minimum rent Maximum rent
Note: Asking rent of industrial land and ready-built factory/warehouse is exclusive of VAT and Management/Service charge. The asking industrial land rent is quoted on remaining lease term of
industrial parks. Normally, the remaining lease term is from 30 – 45 years.

INFRASTRUCTURE EXPANSION & IMPROVEMENT
EXPANSION OF EXPRESSWAY TO BORDER AND COASTAL AREAS IN THE NORTH
Chi Lang City
H
a
China
N
oi
Thai Nguyen City
–
La
Thai Nguyen
o
Completed expressways:
C
y
ai
a
y
sw
a
Ex
Ha No
sw
es
pr
es
es
pr
• Lang – Hoa Lac pr
sw
Ex
Ex
i
a
Ca
n
i – Tha
y
So
g
• Ha Noi – Lao Cai Vinh Phuc on
ng
M
La
–
i
n
i–
Do
Nguye
Bac Giang
No
• Ha Noi – Ninh Binh Vinh Phuc City Va
n
Ha
n Expre
Bac Giang City
• Ha Noi – Thai Nguyen
Quang Ninh
ssway
Bac Ninh City
• Ha Noi – Hai Phong CONSTRUCTION OF VAN DON
• Hai Phong – Ha Long Ha Long – Van Don Expressway
- MONG CAI EXPRESSWAY
Natio
Bac Ninh nal Ro
ad 1 8
is expected to complete in 2022.
• Ha Long – Van Don Lang – Hoa Lac Expressway
Ha Long City
Hai Duong City
Under construction/ National Road 5
Ha No
planning expressways: Ha Noi Hai Duong
Hai Phong – Ha Long Expressway
Hai Phong City
i – Nin
• Van Don – Mong Cai Ha Noi – Ha
Hung Yen i Phong
Expressway
• Ninh Binh – Hai Phong h Binh
Expre
Hai Phong
• Huu Nghi – Chi Lang
ssway
International Airports:
ay
w
ress
Phu Ly City
Thai Binh Major Sea Port/ River Port
• Noi Bai
Exp
Ha Nam
ng
• Cat Bi International Airport
Pho
Ha i
• Van Don
–
inh
Industrial park
hB
Major Sea Ports/ River Ports: Ninh Binh City
Nam Dinh
Nin
• Hai Phong Port Complex
Major city
• Quang Ninh Port

INFRASTRUCTURE EXPANSION & IMPROVEMENT
EXPANSION OF EXPRESSWAY TO THE WEST AND COASTAL AREAS IN THE SOUTH
Completed expressways: Binh Phuoc

• HCMC – Long Thanh – Dau Giay
• HCMC – Trung Luong
Under construction/planning
expressways: Trung Luong - My Thuan Long Thanh International Airport Dau Giay – Phan Thiet
• Ben Luc – Long Thanh Tay Ninh Expressway in Apr 2021 in Mar 2021 in Mar 2021
• HCMC – Moc Bai
• Bien Hoa – Vung Tau Vinh Hao - Phan Thiet
Binh Duong
• Trung Luong – My Thuan
• Dau Giay - Phan Thiet
Binh Thuan
• Vinh Hao - Phan Thiet Moc Bai - HCMC
• Ring Road no.3 of HCMC Dong Nai

Thu Dau Mot
Bien Hoa Dau Giay - Phan Thiet
International Airports:
Phan Thiet
• Tan Son Nhat
–
y anh
• Long Thanh (Future)
G Th
u ng
Major Sea Port/ River Port
ia
Da Lo
Major Sea Ports/ River Ports:
–
C
HCMC
M
HC
• Cat Lai Port
Bi
Long An
en
International Airport
H
oa
• Hiep Phuoc Port Complex Ben Luc – Long Thanh
–
Vu
ng
• Long An International Port HCMC - Trung Luong
Ta
BR - VT Industrial park
u
• Cai Mep Port Complex
Major city
Trung Luong - My Thuan Source: CBRE Vietnam Research & Consulting, Q2 2021.
Vung Tau
LOCAL EXPANSION
FACTORY EXPANSION OF ANCHOR TENANTS TO ACCOMMODATE BUSINESS GROWTH
Active industries Emerging industries
Packaging Automotive
Logistics Electronics
Medical
Furniture
equipment

PRODUCT SHIFTING FROM CHINA
TO SEA REMAINS MAINSTREAM
Tighten regulation
Rising labor cost
Unexpected events
Bordering location
Benefits of FTAs & Incentives
The COVID-19
and trade tension
accelerate
manufacturing Significant
improvement of
relocation
infrastructure

LOGISTICS DRIVES DEMAND FOR INDUSTRIAL LAND
LAND FOR LOGISTICS DEVELOPMENT IS THE MOST SOUGHT AFTER INDUSTRIAL
PROPERTY
Industrial leasing enquiries by property type Industrial leasing enquiries by land type, 6M 2021
6M 2021
2020
33%
67%
Industrial Land WH RBF Logistics land Manufacturing land
Source: CBRE Vietnam Research & Consulting, 6M 2021.

Note: The provided information is based on industrial leasing enquiries recorded by CBRE from January to June 2021.

APAC AGGREGATE BASE ON THE TOTAL
AREA OF LEASING MAJOR RBF & WH NOTABLE
% OF LEASING TRANSACTIONS Y-T-D
TRANSACTIONS, VIETNAM
Transaction Location Size (sqm)
Others Logistics (WH) HCMC 25,000
15% Retailer (WH) HCMC 10,000
3PL (WH) Dong Nai 5,000
Manufacturing 3PL (WH) Dong Nai 17,000
6% Furniture (WH) Binh Duong 40,000
40% Electric components (RBF) HCM 5,000
2020 3PL Manufacturing (RBF) Dong Nai 5,000
(E-commerce + 3PL: 62.8%)
14% Food processing (RBF) Long An 20,000
Retail, F&B Shoes (RBF) Long An 2,700
Plastic (RBF) Long An 2,700
Unknown (RBF) Long An 5,000
3PL (WH) Bac Ninh 46,000
25% Logistics (WH) Bac Ninh 25,000
Retailer (WH) Bac Ninh 20,000
E-commerce E-commerce (WH) Bac Ninh 14,000
Manufacturing (RBF) Thai Nguyen 14,500
% of Warehouse Leasing Transactions y-t-d
(APAC aggregate base on the total sqm) Logistics (WH) Hai Phong 14,000
Note: The provided information is based on industrial leasing transactions
Source: CBRE Vietnam Research & Consulting, 2021. APAC reports 2020 recorded by CBRE in 6M 2021.

INDUSTRIAL LAND
EXPANSION OF EMERGING REGIONS – THE NORTH
Thai Nguyen
Chi Lang City
H
a
China
N
oi
Thai Nguyen City
–
La
o
C
y
ai
a
y
sw
Ex
a
Ha No
ssw
es
pr
re
es
pr
xp
sw
Ex
E
ai
n
i – Tha
y
Asking industrial land rent, Northern region
So
C
g
Vinh Phuc on
ng
–M
La
Bac Giang
i Nguye
n
i–
Do 300
No
n
Vinh Phuc City Va
USD/sqm/remaining term
Ha
250
n Expre
Bac Giang City
Quang Ninh
200
ssway
Bac Ninh City
150
Natio Ha Long – Van Don Expressway
Bac Ninh nal Ro
ad 1 8
100
Lang – Hoa Lac Expressway
Hai Duong City Ha Long City 50
National Road 5 0
Ha No
Hai Phong – Ha Long Expressway
Ha Noi Hai Duong Hai Phong City
Tier-1 Tier-2
i – Nin
Ha Noi – Ha
i Phong
Expressway
Northern Region
Tier-1 Tier-2 Hung Yen
h Binh
Express
Hai Phong Average occupancy rate, Northern region
Hanoi Vinh Phuc
w ay
ay
Bac Ninh Thai Nguyen 100%
w
ress
Phu Ly City
Occupancy rate
Ha Nam 80%
Exp
Hai Duong Bac Giang Thai Binh
ng
Pho
Hai Phong Ha Nam 60%
Ha i
International Airport 40%
–
Hung Yen Thai Binh
inh
Nam Dinh
hB
Ninh Binh City
Industrial park 20%
Nin
Quang Ninh
Major city 0%
Tier-1 Tier-2

Northern Region

INDUSTRIAL LAND Asking industrial land rent, Southern region
EXPANSION OF EMERGING REGIONS – THE SOUTH 350
USD/sqm/remaining term
300
250
200
Tier-1 Tier-2 150
100
HCMC Tay Ninh Binh Phuoc
50
Binh Duong Binh Phuoc 0
Vinh Hao - Phan Thiet
Tay Ninh Tier-1 Tier-2
Dong Nai Ba Ria – Vung Tau Southern Region
Long An Binh Thuan
Average occupancy rate, Southern region
Tien Giang
100%
Binh Duong 80%
Occupancy rate
60%
Binh Thuan
Moc Bai - HCMC 40%
Dong Nai 20%
Thu Dau Mot
Bien Hoa Dau Giay - Phan Thiet
0%
Phan Thiet
Tier-1 Tier-2
–
y anh
Southern Region
G Th
u ng
ia
Da Lo
–
C
HCMC
M
HC
Bi
Long An
en
H
oa
Ben Luc – Long Thanh
–
Vu
International Airport
ng
HCMC - Trung Luong
Ta
BR - VT
u Industrial park
Trung Luong - My Thuan
Major city
Vung Tau Source: CBRE Vietnam Research & Consulting, Q2 2021.

NEW DEVELOPERS
ARE EYEING ON THE MARKET
Frasers Property Vietnam

unveils first industrial
development
May 17, 2021 | 09:18

DEVELOPMENT OF HIGH-RISE WAREHOUSE AND FACTORY
IN THE CONTEXT OF LIMITED INDUSTRIAL LAND IN URBAN AREAS
High-rise 9%
Factory
91% ◼ High-rise RBF

◼ Low-rise RBF
High-rise RBF supply proportion,

Q2 2021
High-rise 5%
Warehouse ◼ High-rise
and Built-
to-suit
warehouse
95% ◼ Normal
warehouse
High-rise WH supply proportion,

Q2 2021
Image source: BW Industrial, TLS, Tan Thuan EPZ, CBRE. Source: CBRE Vietnam Research & Consulting, Q2 2021.

MARKET OUTLOOK
NEW INVESTORS AND MANUFACTURING EXPANSION DESPITE THE 4TH WAVE OF

DEVELOPERS ACTIVELY OF EXISTING TENANTS COVID-19, MARKET SENTIMENT
ACQUIRE PROPERTIES VIA M&A. Land search activities to expand outside TO REMAIN STRONG
Industrial properties in emerging Supply growth expected to slow down
existing major industrial regions
areas/ underperforming assets are while demand to remain stable
prominent targets.

RESIDENTIAL
MARKET
CBRE FORUM 2020

2021 CBRE, INC.
THE PANDEMIC HAS CHANGED
THE NATURE OF RESIDENTIAL SALES
Number of new launch H1 2021
▼ 9% y-o-y in HCMC (5,864 units)
H1 2020 H1 2021
▲10% y-o-y in Hanoi (7,947 units)
• Innovative sales policies
Wait and See • New product features Number of sold units H1 2021
Developer mode • Application of technology in
sales and marketing activities
▲ 28% y-o-y in HCMC (7,374 units)
▲ 20% y-o-y in Hanoi (8,073 units)
• Adapting to the “new normal”

Local Wait and See – work from home Absorption Rate*
mode
buyers • Steady fundamental demand
▲ 6 ppts in HCMC (80%)
▲ 3 ppts in Hanoi (47%)
Foreign • Pending vaccine and borders opening Avg. Selling Prices
buyers • Maintained interest in Vietnam market
▲16% y-o-y in HCMC
▲7% y-o-y in Hanoi
(*) Absorption rate: Sold units of newly launch projects in 1H 2021/ new launch supply during the period

WORK FROM HOME: POTENTIAL LONG-TERM IMPACT
POTENTIAL LONG-TERM CHANGES
84% Locational
preferences
Internal
layouts will
Being at home
means
Prefer To may change come under watching the
Work more scrutiny bills
Remotely
Being less The need for Households WFH will

geographically designated WFH space increasingly become
constrained enables a will be considered. more energy conscious
move to a cheaper Light, and outside
location, further away space are also
Source: COVID-19 Update: potential long-term change, CBRE Research, 2020; from CBD
Working from home survey 2020, CBRE Research, 2020; important.
Workforce Sentiment Survey, CBRE Research, 2020.

UNLOCKING
NEW RESIDENTIAL AREAS
- INFRASTRUCTURE
IS A KEY

HANOI: IMPROVEMENT OF INFRASTRUCTURE SYSTEM OVER THE YEARS
FACILITATES THE DEVELOPMENT OF NEW RESIDENTIAL AREAS
Significant townships of
National Rd. 5
greater than 70ha
Existing Future
Na
tion
Ring Road 3
al R
d. 3
2
A
.1
CORE
Rdl
DISTRICTS
na
tio
Na
Thang
Long
Ave. Ring
Ro ad 2
Na
tio
na
Ri
lR
ng
d.
Ro
5b
ad
3.
5

HCMC: MORE INFRASTRUCTURE DEVELOPMENT REQUIRED TO
ADDRESS THE CURRENT SUPPLY CONSTRAINTS
My
Phu
ex oc
pr – T
es a
sw n
ay Va
n
Bie Expre
nH
Vinhomes Grand Park
oa ssway
oa d 3
–V
ung
Ring R
Tau
HC
MC
– Lon
g
exp Thanh
ress –
way Dau
Saigon Binh An G iay
CORE Aqua City
DISTRICTS
2
a d
Ro
Waterpoint g
Rin Waterpoint
Lu ong
ng
Tru y
MC – esswa
HC expr
Significant townships of greater than 70ha Infrastructure

Existing Future Existing Future

MID-END IS THE MAIN THEME COVERING 79% OF TOTAL NEW LAUNCH IN BOTH MARKETS
HCMC Condominium, New Launch Supply, Q2 2021 Hanoi Condominium, New Launch Supply, Q2 2021
(6M: ▼ 9% y-o-y) (6M:▲10% y-o-y)
14,000 14,000
Q2: ▲ 1.3x q-o-q Q2:▼20%q-o-q
12,000 New launch slowed 12,000
due to Covid-19
down in June due to wave from May
New launch (units)

New launch (units)
10,000 10,000
Covid-19 wave in and started to
the South recover in June
8,000 8,000
6,000 6,000
4,000 4,000
2,000 2,000
0 -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2019 2020 2021
◼ LUXURY: >US$4,000 psm | ◼ HIGH END: US$2,000 – 4,000 psm | ◼ MID END: US$1,000 – 2,000 psm | ◼ AFFORDABLE: < US$1,000 psm

NEW LAUNCH HCMC: West and South took lead from East for new launch projects
IN 6M2021 Hanoi: East and West continued to be key areas of supply
contribution
HCMC Residential, Map of New Launch Supply H1 2021 Hanoi Residential, Map of New Launch Supply H1 2021
NORTH NORTH
(17%) (1%)
CENTRAL
EAST
(4%) (22%)
WEST
(31%) CORE
DISTRICTS
WEST (39%) (1%) EAST (39%)
SOUTH
SOUTH
(26%)
(19%)
Landed property Luxury High-end Mid-end Affordable

New heights
in pricing of
luxury products

CONDOMINIUM PRIMARY PRICES CONTINUED TO INCREASE
HCMC Condominium, Primary prices, Q2 2021 Hanoi Condominium, Primary prices, Q2 2021
LUXURY HIGH-END MID-END AFFORDABLE LUXURY HIGH-END MID-END AFFORDABLE
$6,882 $2,577 $1,552 $954 $5,100 $2,368 $1,395 $883
(▲9.2% y-o-y) (▲0.4% y-o-y) (▲8.3% y-o-y) (▲1.6% y-o-y) (▲2.2% y-o-y) (▲ 6.7% y-o-y) (▲9.1% y-o-y)
8,000 8,000
Primary price (US$ psm)
Primary price (US$ psm)

7,000 7,000
6,000 6,000
5,000 5,000
4,000 4,000
3,000 3,000
2,000 2,000
1,000 1,000
- 0
2019 2020 2021 2019 2020 2021
LUXURY: >US$4,000 psm | HIGH END: US$2,000 – 4,000 psm | MID END: US$1,000 – 2,000 psm | AFFORDABLE: < US$1,000 psm
(*) Selling price: US$ psm (excluding VAT and quoted on NSA)

VILLA/TOWNHOUSE SECONDARY PRICES: UPTREND ACROSS ALL PRODUCT TYPES
HCMC Villa/Townhouse, Secondary prices, Q2 2021 Hanoi Villa/Townhouse, Secondary prices, Q2 2021
VILLA TOWNHOUSE SHOPHOUSE VILLA TOWNHOUSE SHOPHOUSE
$4,901 $4,202 $5,595 $4,869 $5,127 $6,774

(▲4% (▲18% (▲6% (▲12% (▲14% (▲11%
y-o-y) y-o-y) y-o-y) y-o-y) y-o-y) y-o-y)
$10,000 $10,000
$8,000 $8,000
US$/sqm
US$/sqm
$6,000 $6,000
$4,000 $4,000
$2,000 $2,000
$0 $0
2019 2020 20212021 2019 2020 2021
Villa Townhouse Shophouse Villa Townhouse Shophouse
Secondary prices increased among all products, especially townhouses

Selling price: US$ psm (including construction, excluding VAT and quoted on land area)

LUXURY SEGMENT PRICING: REACHING REGIONAL LEVELS
SEA prime residential prices
25,000
20,000 0.05% at >$18,000 psm
15,000
US$ psm
10,000
3% at ~$7,000 psm
Luxury
5,000
31% High-end
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2
2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 43% Mid-end
Jakarta Bangkok Hanoi HCMC Singapore Phnom Penh
24% Affordable
(*) Selling price: US$ psm (excluding VAT and quoted on land area) Source: CBRE Vietnam Research, Q2 2021.

HCMC CONDO SECONDARY PRICE GROWTH SLOWED DOWN
YET STILL SEEING INCREASES BY 10-15% Y-O-Y
HCMC condominium, Secondary prices in notable projects, Q2 2021

5,000 35%
High-end Mid-end
Secondary selling price
Price growth rate 2021 VS. 2020(%)

4,500 30%
4,000 25%
3,500 20%
(US$ psm)
3,000 15%
10%
2,500 5%
2,000 0%
1,500 -5%
1,000 -10%
500 -15%
- -20%
Masteri An Phu (2018)
Q2 Thao Dien (2018)

Feliz En Vista (2016)
Masteri Thao Dien (2014)
Millennium (2016)
Him Lam Phu An (2016)

One Verandah (2018)
Lavita Garden (2015)
Centum Wealth (2018)

Estella Heights (2015)
Gateway Thao Dien (2015)
Vinhomes Grand Park

Lavita Charm (2017)
The Nassim (2015)
Kingdom 101 (2018)
Saigon Gateway (2017)
(2019)
Launching price 2020 asking price* Current asking price Price growth rate

HANOI SAW STRONGER PRICE GROWTH IN SELECTED MID-END CONDOS,
YET LAGGED BEHIND HCMC’S
Hanoi condominium, Secondary prices in notable projects, Q2 2021
2,500 10%
High-end Mid-end
Secondary selling price (US$ psm)
8%
2,000
6%
Y-o-y growth
1,500 4%
2%
1,000
0%
500
-2%
- -4%
Indochina Park Hill - Hoang Cau Vinhomes Seasons An Binh My Dinh Green Pearl Vinhomes Imperi a Sky Cau Giay Mipec
Plaza Hanoi Ti mes City - Skyline - Skylake - Avenue Ci ty - 2016 Pearl - - 2017 Greenbay - Garden - Center Rubik360 -
- 2009 2015 2016 2016 2015 2016 2017 2017 Point - 2019
2018
Q2 2019 Q2 2020 Q2 2021 y-o-y growth

WEAKENED RENTAL MARKETS DUE TO A DECREASE IN DEMAND
OF EXPATS AND FOREIGNERS
Expats fret
HCMC Condominium, Rental yields, Q2 2021 Hanoi Condominium, Rental yields, Q2 2021
as Vietnam
8%
8%
7%
tightens
7%
6% 6% visa policies
Rental yields
Rental yield
5% 5%
4% 4%
1 7 J u n e 2 0 2 1
3% 3%
2% 2%
1% 1%
0% 0%
District 1 District 2 Binh District 7 CBD Midtown Tay Ho West South
Thanh
2019 2020 Q2 2021 2019 2020 Q2 2021
(*) Selling price: US$ psm (excluding VAT and quoted on land area)

INNOVATIVE
SALES
POLICIES
INTRODUCED

INCREASINGLY COMPETITIVE SALES POLICIES TO ENTICE BUYERS
Move in
after paying
0%-20%
of unit value.
AND SALES
METHOD
ONLINE
PLATFORM
New City Thu Thiem: Move in Limited buyers per section

after paying 30% of unit value to ensure 5K policy to prevent COVID-19

NUMBER OF SOLD UNITS EXCEEDED SUPPLY IN BOTH HCMC AND HANOI 1H2021
HCMC Condominium, Sold units, Q2 2021 Hanoi Condominium, Sold units, Q2 2021
(6M: ▲ 28% y-o-y) (6M: ▲20% y-o-y)
16,000 16,000
Q2: ▲ 76% q-o-q Q2: ▼6% q-o-q
14,000 14,000
Sold units slowed Slight decline due
12,000 down in June due to 12,000 to disruption in
Sold units
10,000 May
Sold Units
Covid-19 wave in 10,000
8,000 the South
8,000
6,000 6,000
4,000 4,000
2,000 2,000
0 -
2019 2020 2021 2019 2020 2021
◼ LUXURY: >US$4,000 psm | ◼ HIGH END: US$2,000 – 4,000 psm | ◼ MID END: US$1,000 – 2,000 psm | ◼ AFFORDABLE: < US$1,000 psm
High-end continued to absorb Projects from township developments covered

remaining units in township projects ~60% of sold units in H1 2021

STRONG MOMENTUM IN LANDED PROPERTY MARKET, BUT SUPPLY
AVAILABILITY DIVERGES BETWEEN THE TWO MARKETS
HCMC Villa/Townhouse, Sold units, Q2 2021 Hanoi Villa/Townhouse, Sold units, Q2 2021
(6M: ▼ 78% y-o-y) (6M: ▲115% y-o-y)

3,000
3,000
Q2: ▲ 9.7x q-o-q
Q2: ▼ 56% q-o-q 2,500
2,500 New projects launched
Small launching
2,000 in Q2 experienced
2,000 scale per event due
good absorption
to COVID-19
Units
Units
1,500 1,500
1,000 1,000
500 500
0 0
2019 2020 2021 2019 2020 2021
New supply Sold units New launch Sold units
Sold units dropped due to lack of supply Landed property in high demand

MARKET
OUTLOOK
CBRE FORUM
Nguồn 2021
ảnh: | VIETNAM
Zing 71 CBRE RESEARCH | © 2021 CBRE, INC.
ENCOURAGING SIGNS OF PROGRESS WITH INFRASTRUCTURE PROJECTS, BUT
COMPLETION SCHEDULE REMAINS UNCERTAIN

STRONGER NEW SUPPLY EXPECTED OVER THE NEXT TWO YEARS, BUT WILL YET
RETURN TO PRE-COVID 19 LEVEL
HCMC Condominium, New launch supply vs. Sold units Hanoi Condominium, New launch supply vs. Sold units
40,000 40,000
Forecast Forecast
35,000 35,000
30,000 30,000
25,000 25,000
20,000 20,000
15,000 15,000
10,000 10,000
5,000 5,000
- -
2018 2019 2020 2021F 2022F 2018 2019 2020 2021F 2022F
New launch supply Sold units New Launch Sold Units

PRIMARY PRICES EXPECTED TO BE HIGHER ACROSS ALL SEGMENTS
HCMC Condominium, Forecast primary price Hanoi Condominium, Forecast primary price
LUXURY – Branded
residence project to
Forecast introduce at new
record high
$8,000 $8,000
▲ 6% y-o-y
$7,000 $7,000 Forecast
Primary Pricing (US$ psm)

Primary pricing (US$ psm)
$6,000 $6,000
$5,000 $5,000
$4,000 $4,000
▲ 7% y-o-y
$3,000 ▲ 4% y-o-y $3,000
$2,000 ▲ 3% y-o-y $2,000 ▲ 4% y-o-y
$1,000 $1,000
▲ 1% y-o-y ▲ 4% y-o-y
$- $0
2018 2019 2020 2021F 2022F 2018 2019 2020 2021F 2022F
Luxury High-end Mid-end Affordable High-end Mid-end Affordable

FORECAST TRENDS
Home office Investors from Branded Township Vaccine visa

solutions for the South will Residence projects in and increasing
condominiums as look for more enhances luxury neighboring vaccine rates
Work From opportunities in living provinces continue will drive foreign
Home prolongs Northern to buyers back to
provinces attract Vietnam
investors

Disclaimer: All materials presented in this report, unless specifically indicated otherwise, is under copyright
and proprietary to CBRE. Information contained herein, including projections, has been obtained from
materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy,
we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible
for independently assessing the relevance, accuracy, completeness and currency of the information of this
publication. This report is presented for information purposes only, exclusively for CBRE clients and
professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or
subscribe for securities or other financial instruments. All rights to the material are reserved and none of the
material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to
any other party without prior express written permission of CBRE. Any unauthorised publication or redistribution
of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred
or arising by reason of any person using or relying on information in this publication.
For more information regarding this presentation please contact:

CBRE Vietnam Co., Ltd. – Research & Consulting
T: +84 28 3824 6125 | E: research.vietnam@cbre.com

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CONTENTS

01. OFFICE MARKET

02. RETAIL MARKET

03. INDUSTRIAL MARKET

04. RESIDENTIAL MARKET

CBRE FORUM 2021 | VIETNAM CBRE RESEARCH | © 2021 CBRE, INC.

CBRE FORUM 2020 | VIETNAM CBRE RESEARCH | © 2020 CBRE, INC.

HANOI VS HO CHI MINH CITY

Source: CBRE Vietnam Research

CBRE FORUM 2021 | VIETNAM 4 CBRE RESEARCH | © 2021 CBRE, INC.

Hanoi and HCMC Google mobility index

COVID-19 first COVID-19

HCMC daily cases

Hanoi daily cases

CBRE FORUM 2021 | VIETNAM 5 CBRE RESEARCH | © 2021 CBRE, INC.

Office utilization rate, APAC

Australia/ New Zealand

South East Asia

0% 20% 40% 60% 80% 100%

Source: CBRE Asia Pacific, Occupier Survey, June 2021

CBRE FORUM 2021 | VIETNAM 6 CBRE RESEARCH | © 2021 CBRE, INC.

Office workplace vs Remote working compared

Remote work is better Same Workplace is better

Source: CBRE Asia Pacific, Occupier Survey, June 2021

CBRE FORUM 2021 | VIETNAM 7 CBRE RESEARCH | © 2021 CBRE, INC.

Early stages of recovery 18%

0% Still contractin g 10%

Source: CBRE Asia Pacific, Occupier Survey, June 2021

CBRE FORUM 2021 | VIETNAM 8 CBRE RESEARCH | © 2021 CBRE, INC.

Transactions by purpose, Major Transactions Collected and Closed by CBRE, H1 2021

Source: CBRE Vietnam Research, Q2 2021.

CBRE FORUM 2021 | VIETNAM 9 CBRE RESEARCH | © 2021 CBRE, INC.

Contract, surrender unused space Contract, surrender unused

Provide incentives Provide incentives ?

$ Reduce asking rents

CBRE FORUM 2021 | VIETNAM 10 CBRE RESEARCH | © 2021 CBRE, INC.

CBRE FORUM 2021 | VIETNAM 11 CBRE RESEARCH | © 2021 CBRE, INC.

CBRE FORUM 2021 | VIETNAM 12 CBRE RESEARCH | © 2021 CBRE, INC.

HCMC & Hanoi Office market, Net absorption

Source: CBRE Vietnam Research, Q2 2021.

CBRE FORUM 2021 | VIETNAM 13 CBRE RESEARCH | © 2021 CBRE, INC.

Asking rents (US$/sqm/month)

Grade A - Rent Grade B - Rent Grade A - Rent Grade B - Rent

Source: CBRE Vietnam Research, Q2 2021.

CBRE FORUM 2021 | VIETNAM 14 CBRE RESEARCH | © 2021 CBRE, INC.

Retail/Trading Life Science

0% 10% 20% 30% 40% 0% 20% 40% 60% 80% 100%

HCMC Hanoi Unsure Decrease No change Increase

Source: CBRE Vietnam Research, Q2 2021.

CBRE FORUM 2021 | VIETNAM 15 CBRE RESEARCH | © 2021 CBRE, INC.

Anticipated of remote working’s frequency in steady state situation, APAC

Source: CBRE Asia Pacific, Occupier Survey, June 2021

CBRE FORUM 2021 | VIETNAM 16 CBRE RESEARCH | © 2021 CBRE, INC.

Source: CBRE Asia Pacific, Occupier Survey, June 2021

CBRE FORUM 2021 | VIETNAM 17 CBRE RESEARCH | © 2021 CBRE, INC.

Less water consumed

Techno Park Tower Mapletree Business

Lancaster Luminaire 36 Cat Linh

CBRE FORUM 2021 | VIETNAM 18 CBRE RESEARCH | © 2021 CBRE, INC.

1 Intracom Riverside (B) The Valley Smart Building (B)

CBRE FORUM 2021 | VIETNAM 19 CBRE RESEARCH | © 2021 CBRE, INC.

Source: CBRE Vietnam Research, REIC Images, Google Images, Q2 2021

CBRE FORUM 2021 | VIETNAM 20 CBRE RESEARCH | © 2021 CBRE, INC.